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CBSE Class 11 Introduction to Economics Revision Notes: Students can find Revision notes for CBSE Class 11 Economics Chapter 1, Introduction to Economics, here. These notes have been prepared as per the latest CBSE Syllabus 2023-2024.
Introduction to Economics Class 11 Notes: Jagran Josh brings to you a series of study materials, to assist you in your preparation for the current academic session 2023-2024. This article presents revision notes for CBSE Class 11 Economics Chapter 1, Introduction to Economics. A PDF download link has also been attached at the bottom of the article, for your reference. You can always download the PDF and store it for future use.
Introduction to Economics is Chapter 1 of Part A, Economics NCERT, titled ‘Statistics for Economics’. This chapter talks about what is economics about, why is statistics important for economists, and how it proves to be useful for the formation of policies. Students can also know about some new economic terms and their references, from this chapter.
Before you start with your preparation for examinations, it is important to be aware of the correct syllabus and exam pattern. Find the updated CBSE Syllabus and Exam Pattern, below.
Related:
CBSE Class 11 Economics Syllabus 2023-2024(PDF)
CBSE Class 11 Economics Deleted Syllabus 2023-2024(PDF)
Revision Notes for CBSE Class 11 Economics Chapter 1 are presented here:
Consumer- A consumer is a person who buys/purchases goods and services available in the market, to satisfy their needs and wants.
Seller- The person who sells goods/services to earn profits is called a seller.
Producer- The person who produces goods, a manufacturing company or individual and provides services such as tailor, doctor, etc is called a producer.
Employee– When a person gets paid/wage/salary by working for someone else, then he/she is called an employee.
Employer– When a person hires someone and pays them for work, he/she is an employer.
Economic Activities– Any financial activity done to drive profit is called an economic activity.
Ordinary Business of Life– Performing economic activities for monetary gains is referred to as ordinary business of life.
Three attributes of Economics:
- Consumption-To know how the consumer decides, given his income and many alternative goods to choose from, what to buy when he knows the prices. This is the study of Consumption
- Production– To know how the producer, similarly, chooses what and how to produce for the market. This is the study of Production
- Distribution– To know how the national income or the total income arising from what has been produced in the country is distributed through wages (and salaries), profits, and interest. This is the study of Distribution.
Definition of Economics– Economics is the study of how people and society choose to employ scarce resources that could have alternative uses in order to produce various commodities that satisfy their wants and to distribute them for consumption among various persons and groups in society.
Economic data– Facts received through multiple studies, surveys, and research are called economic data.
Analysing data– Studying the data or using the data for identifying the problems that arise is the process of analyzing data. Data is analysed by studying patterns associated with it.
Policies– The mitigations adopted or the solutions found for the problems are called policies in economics.
What is Statistics?
It is a branch of mathematics that deals with the collection, analysis, interpretation, and presentation of numerical data. There are two types of statistics. They are Quantitative and Qualitative. Quantitative statistics is about numbers, figures, and data. Whereas on the other hand, qualitative data is information that describes attributes of a single person or a group of persons that is important to record as accurately as possible.
Uses of statistics
Statistics is indispensable to economics, because of the following reasons:
- Helps understand economic problems.
- Present economic facts in a precise and definite form that helps in proper comprehension of what is stated.
- Eases summarizing of data by condensing mass data into a few numerical measures such as mean, variance, etc.
- Statistics is used in finding relationships between different economic factors.
- It assists in the formulation of plans and policies by acquiring knowledge of future trends.
To download the revision notes for Class 11 Economics Chapter 1, click on the link below
This chapter is comparatively short and easier to grasp. These notes shall be enough for your preparation for the annual examinations.
Also find:
CBSE Class 11 Syllabus 2023-24 (All Subjects)
CBSE Class 11 Deleted Syllabus 2023-24 (All Subjects)
NCERT Class 11 Rationalised Content 2023-2024 (All Subjects)
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